NEWS
Centerscape is a leading investor, developer, owner and manager of grocery-anchored neighborhood shopping centers, with a presence in every major market in Germany, Poland and the Czech Republic.
Investment: 4 neighborhood shopping centers
Centerscape invested approx. €15 M in four neighborhood shopping centers. The acquisition included a portfolio investment of three existing assets from an international seller and the purchase of a newly built retail park from a developer. The properties are located in Holdorf (Lower Saxony), Friedberg (Hesse), Alsdorf und Bad Münstereifel (North-Rhine Westfalia).
The portfolio comprises over 6,400 sqm of retail area and is fully let with a weighted average remaining lease term of more than 8 years. The recently completed retail park of nearly 3,000 sqm rental area is almost fully let with the last side tenant lease currently under negotiation. Overall, 86% of rent comes from the Top German food retailers Rewe, Lidl, Netto, Penny and Tegut.
For the portfolio investment, Centerscape already indentified value-add potential before the acquisition, which is considered in the business plan. In cooperation with the retailers, Centerscape will now optimise their rental area in order to secure the quality of the assets in the long-term.
Centerscape is a leading investor and manager of grocery anchored shopping centers in Germany. Its portfolio comprises 70 properties with over €280M investment volume. In 2013, Centerscape plans to continue its portfolio growth but will increasingly invest in forward-fundings and retail properties with asset management potential.
10/01/2013
By Centerscape